Business & Finance

‘Thought FM would hit boundaries, but she took singles’: Anand Mahindra on Union Budget

Mumbai | Mahindra Group chairman Anand Mahindra reacting on the 2019 Union Budget presented by Finance Minister Nirmala Sitharaman said that the finance minister was expected to hit boundaries but instead she took singles.

Expressing his views on the annual budget Mahindra said that despite the expectation of big moves to the crank-up economy, the government kept eyes firm on the long term. In a series of tweet he wrote,” Tweeted earlier that I was hoping @nsitharaman ji would ‘hit some boundaries.’ She chose instead to take steady singles & keep the run-rate moving. Despite expectations of big moves to instantly crank-up the economy she decided to keep her eye firmly on the long term.”

Mahindra further termed the budget as an accumulation of seemingly unspectacular moves that’ll nudge the economy onto a trajectory toward five trillion dollar economy and an improved ‘ease of living’. He also said that the measures announced for the financial sector are indeed big moves and could lubricate the engines of the economy.

He also said that the budget is ‘bi-focal’ biased towards incentives for large-scale, new-age, FDI-funded manufacturing projects on the one hand & start-up entrepreneurs on the other.

“Increased income taxes spooked the markets. But I think the introduction of estate duty would’ve been more unnerving. Finally, the elephant analogy was most apt. If it no longer tramples on our mounds of rice, private confidence, investment and the markets will all rebound,” he added.

He further added that the strong messages about respect for wealth-creators and easing the process of filing income tax could revive the ‘animal spirit’.

 

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